Taxes sometimes go overboard

Taxes make possible much of what we enjoy or utilize in life and we all realize the need for each able person to pay their share. There are a number of taxes we could point out that seem excessive or needless, but one particular tax is making headlines now.

Some of us have been aware of the tax for years while others are just learning of the taxing of Olympic medalists.

When an athlete wins a medal, they also receive a cash prize as part of their earnings – $25,000 for gold, $15,000 for silver and $10,000 for bronze. All of those can be taxed by the Internal Revenue Service.

While the prize money is much more than most of us see for particular circumstances, is it really fair to tax those who represent the United States against the world of athletics?

Though the Olympics are based in London this year, the U.S. has seen a steady stream of income thanks to the games: American products being sold that feature Olympic competitors; advertising dollars put into several of our television networks; and more. So, our country has received tax dollars from this event already.

When our Olympic athletes head to the games, they know they are not representing themselves, but their country. It’s a common attitude shared by athletes of all nations.

Thus far, our athletes have made tremendous strides in an effort to make this country proud and they have succeeded. Why should they be taxed for winning honors for their country?

So Sen. Marco Rubio has introduced legislation that would stop the IRS from taxing American Olympic medalists on their winnings at the games.

“Our tax code is a complicated and burdensome mess that too often punishes success, and the tax imposed on Olympic medal winners is a classic example of this madness,” Rubio said in a statement. “Athletes representing our nation overseas in the Olympics shouldn’t have to worry about an extra tax bill waiting for them back home.”

“We can all agree that these Olympians who dedicate their lives to athletic excellence should not be punished when they achieve it,” Rubio added.

Rich or poor, there are times that taxing goes overboard. The taxing of the athletes representing our country is a good example of that issue.

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Posted by Graphic Designer 2 on Aug 3 2012. Filed under Editorial. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.